ConocoPhillips Earnings: Shareholder Return Strategy Continues To Pay Off, but Shares Look Pricey

ConocoPhillips reported adjusted earnings increased to $2.2 billion in the second quarter, compared with $5.1 billion a year earlier on lower oil and gas prices. The company also continued to utilize its three-tier framework to return cash to shareholders, distributing $2.8 billion in ordinary and variable dividends and repurchasing $3.0 billion in shares through the first half of the year. Management reaffirmed their full-year distribution target of $11 billion remains unchanged.